Oct 11
7
Alright! Time for Friday Figures! All information from the GLVAR MLS system. Here’s the truth about Vegas Real Estate, information you and your REALTOR need to know before touring, making an offer, or preparing a listing this weekend. Normally, I talk about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network every Friday at 2:00 PM. Today there will regrettably be no show, so join us next week!
Summary: Available units is down again, this time to 13433. That’s a change from 14202 on September 2. The number of short sales under contract is continuing to trend downwards. Even more good news, the list price on available bank owned property is continuing to trend upwards! The first and last weeks of the month are always a busy time for closing transactions, and this week is no exception. The median sales and listing prices of sold properties is still moving in a narrow range from about $105,000-$110,000 — right now near the top of that range — but there was a spike in the number of sold short sales this week. Anything that gets short sales out of the system is a Good Thing in my book.
The News: I’m not the only person to notice inaccurate listings on most of the real estate websites! A study by Trulia says that 1 of every 10 online listings outside the MLS has major errors either in price, availability, or both! Yet another reason to give your criteria to a really good buyers agent and stop wasting hours on search websites.
The Census Bureau says that home ownership is at the lowest levels since the Great Depression — surely a factor influencing prices. It wasn’t that long ago that we were talking about record high levels of home ownership.
Bank of America is making a major shift away from buying mortgages from other banks, a move that will effect the entire mortgage market. But you wouldn’t know that to see mortgage rates, which are now under 4%. Speaking of companies that buy mortgages, Fannie Mae is under fire for not only filing falsified foreclosure filings, but ignored all evidence that they were doing so. Sorting through this mess is of course one factor in the deepening foreclosure backlog. But the good news is that seriously delinquent mortgages are at a 3 year low.
Available Listings: There are 11384 single family homes (down), with a median price of $137,250 (up), $72 per square foot (unchanged). In addition, there are 2049 condominiums and townhomes (up), with a median price of $63,800 (down), $56 per square foot (unchanged). Last month there were 11791 single family homes with a median price of $135,000 and 2163 condominiums and townhomes with a median price of $63,844.
Distressed Properties: Of available listings, there are 6111 short sales (down) and 2874 bank-owned properties (down). Median price for a short sale is $109,999 (down $1); median price on a bank-owned home is $108,300 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4447 non-distressed properties for sale (down) had a median price of $179,900 (unchanged). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors. At the beginning of September we had 6253 shorts, 3249 foreclosures, and 4451 “classic” listings.
Single Family Home Prices: Of available listings, 470 under $50,000; 3111 between $50,000-$100,000; 4792 between $100,000-$200,000; 2118 between $200,000-$400,000; 521 between $400,000-$700,000; 199 between $700,000-$1,000,000; and 307 over $1,000,000. A month ago the numbers were 464 under $50,000; 3254 between $50,000-$100,000; 5031 between $100,000-$200,000; 2106 between $200,000-$400,000; 576 between $400,000-$700,000; 217 between $700,000-$1,000,000; and 305 over $1,000,000.
Condo and Townhome Prices: Of available listings, 726 under $50,000; 941 between $50,000-$100,000; 324 between $100,000-$200,000; 66 between $200,000-$400,000; 18 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 2 over $1,000,000. For technical reasons, these figures do not include high-rise communities. The September figures came in at 745 under $50,000; 1030 between $50,000-$100,000; 358 between $100,000-$200,000; 59 between $200,000-$400,000; 11 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 1 over $1,000,000.
Contingent and Pending Listings: Of the 13100 properties in the process of being purchased (down), 10901 are single family homes with median price of $124,900 (up $12); 2199 are condominiums or townhomes with median price of $57,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 8423 are short sale, 3167 are foreclosed, and 1510 are traditional sales. While the bank-owned and traditional sales are likely to close within 30-45 days, no time frame is available for unapproved short sales. A month ago we had 13079 properties under contract, including 8328 shorts.
Recently Sold: 950 properties closed this week, 3985 in the last 30 days, and 35854 so far this year. For properties closed in the last 30 days, median time on market was 44 days (up). Median sales price was $108,000 (up); median list price was $109,900 (up). For single family homes, median sales price was $124,800 (up), and for condos/townhomes, it was $53,400 (up). Short sales accounted for 962 of the total, there were 1898 bank owned properties, and 1025 non-distressed sales. Last month there had been 4321 sold in the previous 30 days; median sales price was $105,100 and median list price was $108,800.
Rentals: 5277 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1476 and median rent is $1100. There are 798 contingent leases waiting to be signed and 2393 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1522. At the first Friday in September we had 4779 available and 2550 new leases, both with median rents of $1100.
Need more information or help with your real estate needs? Call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Based on information from the Greater Las Vegas Association of REALTORS Multiple Listing Service for the date specified above. This article was written and copyright by Bridget Magnus, and is her sole property.
